| |
Buying Your First Home in Canada
When you first arrived in Canada, you might have stayed
with family or friends or found an apartment or house
to rent. But now that you’re settling in to your
new life, you may be thinking of purchasing your own
home.
How Much Will it Cost to Buy a Home?
Housing prices vary greatly across Canada. Many factors
determine a home’s market value, including:
- Location — Prices vary depending
on which province you choose to live in, and whether
you live in the city or a rural area. For example,
a home in Calgary, Alberta, will be more expensive
than a comparable home in rural Prince Edward Island.
- Amenities — Generally, homes
in established neighbourhoods that are near schools,
parks, places of worship and public transportation
will cost more.
- Size — The size of a home and the land it sits on play a role. House sizes are usually given in square feet (or metres), and lot sizes by frontage (the linear distance along the front of the property) and depth in metres or feet.
- Condition — Homes that need
repairs or upgrades (such as new plumbing, flooring
or a roof) are likely to cost less than new homes or
those that have been upgraded.
Knowing
how much home you can afford is important. It will
help you fine-tune your search and ensure you can comfortably
meet your mortgage payments.
Types of Homes for Purchase
There are lots of options when it comes to homes for
sale, including:
- Detached — Detached homes
are single structures situated on their own lot.
They come in a variety of styles including bungalows
(one-storey), two-storey, three-storey and even four-storey
versions.
- Semi-detached — These homes,
sometimes called “semis,” are attached
to another, similar home on one side with a common
wall that divides them.
- Townhouse — Sometimes called
a “row house,” these homes are connected
on both sides to similar homes.
- Condominium — Condominiums
may be townhouses or units within a low-rise or high-rise
building. With a condominium, you own only the unit
itself, and not the surrounding grounds or common
areas of the building. You pay a monthly fee, along
with all the other condo owners, for the maintenance
of the common areas as well as special features, like
a swimming pool or fitness facilities.
Finding a Home to Buy
Homes are sold either privately or through a real estate
agent. Working with a good real estate agent definitely
has benefits, especially for first-time buyers. An agent
can help you determine which neighbourhood and type
of home will best suit your needs and help you with
the paperwork involved.
To find out more about buying a home in Canada, finding
a neighbourhood, comparing communities, settling in
and more, visit the RBC
Finding Your Home website.
To find out more about how and why to use a real estate
agent, visit www.realtors.ca.
Find out more about mortgages, how they work and how to find one that’s right for you.
 |
|
 |
How to Get Started
An RBC Royal Bank Mortgage Specialist can answer any of your mortgage questions. Our team of Mobile Mortgage Specialists can meet with you wherever it’s most convenient for you.
If you are looking for a Mortgage Specialist that speaks your language, you can find one through our Mortgage Specialist Locator. |
|
|
|
The content of this website is provided
for the general guidance and benefit of our clients.
This website is for informational purposes only and is
not intended to provide specific advice. See
full disclaimer.
|
|
